EY is set to reduce its workforce by over 100 employees due to a downturn in its advisory sector.

Next week, EY, a major consulting firm, is poised to reduce its workforce by more than 100 positions, constituting over 1% of its 10,000 employees, in response to the enduring downturn in the advisory market.

This move comes after the firm trimmed dozens of partners and over 240 staff in the latter half of 2023. The specific departments affected are expected to be primarily within the consulting and financial advisory divisions, with exact figures yet to be finalized, according to sources familiar with the matter as reported by the Australian Financial Review.

While declining to address the specific cuts, a spokesperson for EY stated, “In the event, EY Oceania makes any workforce changes, our first and foremost priority will be to communicate with impacted individuals within our business before disseminating updates to stakeholders at large.”

The spokesperson further clarified that the firm had not yet communicated any workforce adjustments with its employees.

This development serves as another indication that the consulting market continues to pose challenges for major advisory firms.

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